Optional Term Life

Shaw offers an Optional Term Life (OTL) Insurance Plan through Minnesota Life.   All regular, full-time associates are eligible to enroll in the Optional Term Life Insurance Plan.  As a new hire, associates may elect up to the guaranteed issue amount, without medical evidence of Insurability being required, as well as meet Minnesota Life’s actively at work requirements.

Guaranteed Issue Amounts
Associate – up to $200,000
Spouse – up to $50,000 (dependent verification is required)
Child (ren) - $10,000 per child (dependent verification is required) - Live birth up to age 26 or disabled (verify plan requirements)
If, as a new hire, you elect above the guaranteed issue amounts up to $500,000 on yourself and your spouse, any amount elected over the guaranteed issue amounts on yourself and/or your spouse will be subject to approval through the Insurance Carrier with Medical Evidence of Insurability being required. You may be required to submit to a paramedical exam and/or submit a physician’s statement of health.

Accelerated Benefit Claim
The Life Insurance also provides a living benefit provision which is through Minnesota Life. If you or your eligible spouse is diagnosed as terminally ill, with a life expectancy of twelve months or less, and meet all plan requirements, you can elect to withdraw up to 100% of the value of your Optional Term Life Insurance policy. Please contact your Human Resources office for additional information.

Age Reduction
If you are still employed at age seventy (70) or after, the Optional Term Life Insurance (if applicable) amount is reduced by 50%. If you are still employed, and your spouse reaches age seventy (70) or after, their Optional Term Life Insurance (if applicable) amount is reduced by 50%.

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